% testsubfighyperref.tex

\documentclass{article}

% option for use with pdflatex
\usepackage{nameref}
\usepackage{subfigure}
\usepackage[pdftex]{hyperref}

\begin{document}

\section{Test of subfigure}

There is a test figure \ref{fig:test} with subfigures \ref{fig:testsub1} and \ref{fig:testsub2}.

\begin{figure}[!ht]
    \centering
    \unitlength .5cm
    \subfigure[SubFig1]
    { \label{fig:testsub1}
        \begin{picture}(10,10)
            \put(0,0){\line(1,1){10}}
        \end{picture}
    } \qquad
    \subfigure[SubFig2]
    { \label{fig:testsub2}
        \begin{picture}(10,10)
            \put(0,10){\line(1,-1){10}}
        \end{picture}
    } \\
    \caption{Testfigures}
    \label{fig:test}
\end{figure}

There are problems using
\begin{itemize}
    \item pdfTeX, 3.14159-14f-released-20000525
    \item LaTeX2e (2001/06/01)
    \item subfigure.sty version 2.1 (2002/02/14,11:58:53)
    \item hyperref.sty v6.72e (2002/02/15)
\end{itemize}
of the miktex 2.1 distribution at the second run of (pdf)latex.
The order loading the packages doesn't seem to make any difference.
No problems if don't use subfigures or if you don't load hyperref.
Also subfigure.sty version 2.0 (1995/03/06,14:43:14) works fine.
Downgrading hyperref doesn't help!

This might be due to changes in the resulting .aux file, writing
\\newlabel\{sub\@ for subfigures and adding subfigure-entries
to the .lof file.

\end{document}